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Healthcare support. ZacksTrade and Zacks.com are separate companies. WEX exited the quarter with a cash and cash equivalents balance of $921.7 million compared with $922 million witnessed at the end of the prior quarter. When we were looking for a new third party administrator to replace TASC, we were immediately drawn to WEX Health. Employee Resource Groups are great because it gives everyone a voice regardless of origin and background. The domestic fuel price in Q1 2023 was $3.86 versus $3.90 in 2022. Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month. WEX Health (formerly Evolution1) is a great organization for organizations that offer Flexible benefits. How does it work? The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise. Women play an important role at WEX. WEX announces company-wide layoffs; West Fargo employees impacted document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Keep more of your money in your business, where it belongs.Apply for a fleet card today! Zacks->. WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. You'll notice changes in brand name and logos to the online account and mobile app, including where you go to log in. WEX Health, Inc. | Complaints | Better Business Bureau Profile WEX Benefits is a suite of benefits administration solutions, positioned to help employers provide healthcare benefit management for their employees. Revenues of $4.8 billion missed the consensus mark by 1.3% and our estimate by a slight margin. . As a result, there will be upcoming brand changes that will impact your flexible spending, health savings, and commuter benefits accounts. Corporate Payments purchase volume surged 58% year over year to $18.6 billion. Robust benefits administration and enrollment solutions help your employees get the most value from their benefits. A wealth of resources for individual investors is available at www.zacks.com. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. WEX (NYSE:WEX) Price Target Raised to $190.00 - MarketBeat WEX Inc. - WEX Completes Acquisition of benefitexpress (3) Payment processing $ of fuel represents the total dollar value of the fuel purchased by fleets that have a payment processing relationship with WEX. WEX data shows that a contribution of as little as $50 or more by employers will encourage HSA participation by employees. This page provides login buttons for accessing your online account along with helpful resources such as a benefits knowledge base, a link to current eligible expenses, and chat. WEX Vets Match your military skills Make WEX your next career move At WEX, we recognize the true value of experience-acquired skills. Our continued business momentum gives me further confidence in our ability to execute against our growth strategy and achieve our long-term financial targets, even in dynamic macroeconomic environments.. Companies can't remove reviews or game the system. Mobility payment processing transactions were up 4% year over year to 137.5 million. WEX (NYSE: WEX), the global commerce platform that simplifies the business of running a business, today reported financial results for the three months ended March 31, 2023. . Explore our fleet and mobility solutions for any size or type of business. Anyway, kept getting emails periodically and decided to register and view my account finally. Adjusted earnings of $3.31 per share surpassed the Zacks Consensus Estimate by 3.4% and our estimate by 3.8%. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility, and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. Put the power of our intelligent commerce platform to work in your own payments solution. WEX Benefits vs. Workday HCM | G2 WEX Q1 Earnings and Revenues Beat Estimates, Increase Y/Y In addition, the size and complexity of an acquisition, which often drives the magnitude of acquisition-related costs, may not be indicative of such future costs. The average number of vehicles serviced was around 18.7 million, up 9% from the year-ago quarters figure. Women play an important role at WEX. We use cookies to understand how you use our site and to improve your experience. 1Q revenue increased 18% year-over-year to a first quarter record $612 million, 1Q GAAP net income was $1.56 per diluted share, down 42% year-over-year; 1Q adjusted net income attributable to shareholders increased 15% year-over-year to $3.31 per diluted share, 1Q GAAP operating income margin of 25.2% and adjusted operating income margin of 37.6%, Total volume increased 17% year-over-year to $52.3 billion. The Company believes that excluding acquisition-related costs and gains or losses on divestitures facilitates the comparison of our financial results to the Companys historical operating results and to other companies in our industry; Stock-based compensation is different from other forms of compensation, as it is a non-cash expense. To that end, we were excited to expand our annual SPARK conference to bring together customers across the mobility, corporate payments, and benefits industries, showcasing how we can help companies simplify the business of running a business with data, payments, and digitization. As previously announced, the conference call will be webcast live on the Internet, and can be accessed along with the accompanying slides at the Investor Relations section of the WEX website, www.wexinc.com. You can seethe complete list of todays Zacks #1 (Strong Buy) Rank stocks here. WEX (NYSE: WEX), the global commerce platform that simplifies the business of running a business, today reported financial results for the three months ended March 31, 2023. ADP Workforce Now is a cloud-based HR platform for mid-sized businesses. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. (6) Late fee revenue represents fees charged for payments not made within the terms of the customer agreement based upon the outstanding customer receivable balance. The travel industry is evolving. WEX is our administrator of several employee benefits, including Health Savings Accounts, commuter benefit accounts, an COBRA. You can view the status of your claims and upload documentation easily with our benefits mobile app or through your online account. Copyright 2023 Zacks Investment Research | 10 S Riverside Plaza Suite #1600 | Chicago, IL 60606. We bring together some of the sharpest and innovative thinkers in the industry to talk leadership, recruiting/retention, employee benefits, effective communication, and more! The exclusion of these items helps management compare changes in operating results between periods that might otherwise be obscured due to currency fluctuations; The change in fair value of contingent consideration, which is related to the acquisition of certain contractual rights to serve as custodian or sub-custodian to HSAs, is dependent upon changes in future interest rate assumptions and has no significant impact on the ongoing operations of the Company. This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. The ease of submitting receipts is a positive impact (happy employees). These returns cover a period from January 1, 1988 through April 3, 2023. Transcript : WEX Inc., Q1 2023 Earnings Call, Apr 27, 2023, WEX's Q1 Adjusted Earnings, Revenue Increase; Raises 2023 Guidance, Wex Inc. : Results of Operations and Financial Condition (form 8-K), Earnings Flash (WEX) WEX Reports Q1 Revenue $612M, vs. Street Est of $604.4M, Earnings Flash (WEX) WEX Reports Q1 EPS $3.31, vs. Street Est of $3.20, Citigroup Adjusts WEX Price Target to $230 From $190, Maintains Buy Rating. Adjusted net income is now expected between $13.85 and $14.25 per share compared with the prior expectation of $13.55 and $14.05 per share. We provide our partners with a proven benefits and COBRA administration platform thats built to meet their needs. During the first quarter of 2023 the Company repurchased approximately 525,000 shares of its stock for a total cost of approximately $93 million. How do I get help with my account? Each partner, employer, and employee has unique needs. Our card works at a variety of merchants. Wex (WEX) Q1 2023 Earnings Call Transcript | The Motley Fool The COVID-19 National Emergency is over. Through meaningful networking, innovative learning, and strategic discussions at SPARK 2023, leaders collectively help simplify the complexities of payment systems. We used multiple vendors and our employees a variety of vendors and banks they could set up their accounts with. Get Started The top line increased 1% year over year. Delayed quotes by FIS. Our end-to-end solution has proven to work for partners and clients with all sorts of needs everything from full benefits admin to account management to call center services, and everything in between. Funds contributed in 2022 are being added to the WEX Benefits . And, we provide them with access to analysis, benchmarks, and trends drawn from one of the industrys largest pools of data. Your WEX benefits debit card makes it easy to spend your funds on eligible expenses. Gusto offers payroll, benefits and compliance capabilities. 3 key themes from WEX SPARK 2023 to help you simplify the business of Total volume across the company came in at $52.3 billion, up 17% year over year. WexBocaLink.setUrl("locations-flyout", "WEXFleetUniversal", "cc1"); Save money and manage fleet operations with our modern business mobility solutions, including a broad array of fuel cards for any size fleet. Save HSAs are employee-owned and all funds carry over, so employees can build their balances to prepare for big expenses. We are renaming our existing segments in connection with a rebranding initiative. Military veterans possess invaluable leadership skills and business acumen. Our solutions solve employers end-to-end benefits needs including HSA, FSA, and COBRA, help employees get the most value from their benefits, and power partners business growth. We run report off of it and it helps us track how much employees have spent out of their own individual accounts. To provide investors with additional insight into its operational performance, WEX has included in this earnings release: in Exhibit 1, reconciliations of non-GAAP measures referenced in this earnings release; in Exhibit 2, tables illustrating the impact of foreign currency rates and fuel prices for each of our reportable segments for the three months ended March 31, 2023; and in Exhibit 3, a table of selected other metrics for the quarter ended March 31, 2023 and the four preceding quarters. WEX COBRA Account Login For Benefits I would like to see where exactly the employees spent their HSA funds. 3 reasons we see people flipping to a fuel card: Apply Now Weve developed a technology platform and solutions that can be quickly customized for you to achieve your employee benefits goals. Administrative fee invoices and plan funding balances at your fingertips. For the second quarter of 2023, WEX anticipates revenues in the range of $613-$623 million, higher than the current Zacks Consensus Estimate of $609.42 million. In addition, since debt issuance cost amortization is dependent upon the financing method, which can vary widely company to company, we believe that excluding these costs helps to facilitate comparison to historical results as well as to other companies within our industry; The adjustments attributable to non-controlling interests, including adjustments to the redemption value of a non-controlling interest, have no significant impact on the ongoing operations of the business; The tax related items are the difference between the Companys GAAP tax provision and a pro forma tax provision based upon the Companys adjusted net income attributable to shareholders before taxes as well as the impact from certain discrete tax items. The midpoint of the guided range is the same as the Zacks Consensus Estimate of $3.50. As a user , WEX Health (formerly Evolution1) provided the organization with Flex benefit management and Cobra. Zacks is the leading investment research firm focusing on stock research, analysis and recommendations. This allows us to see the company through a different lens or perspective than we normally would. WEX Health also helps us manage all the necessary communications for COBRA administration while keeping us compliant with government rules and regulations. You can continue to use the debit card you currently have. Copy and paste multiple symbols separated by spaces. Adjusted operating income increased 13.4% to $230.1 million from the year-ago quarters $202.9 million. 2 Net activity on debt includes: borrowings on revolving credit facility; repayments on revolving credit facility; repayments on term loans; net borrowing of federal funds; and net (repayments) borrowings on other debt. If used at an IIAS merchant, simply swipe your card and it will automatically approve anything thats an eligible expense. To determine the impact of price per gallon of fuel (PPG) on revenue, revenue subject to changes in fuel prices was calculated based on the average retail price of fuel for the same period in the prior year for the portion of our business that earns revenue based on a percentage of fuel spend, exclusive of revenue derived from acquisitions for one year following the acquisition dates. Today, that discovery is still the heart of the Zacks Rank. I really like the reports that it generates and the detail it gives. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. In 1978, our founder discovered the power of earnings estimate revisions to enable profitable investment decisions. What is WEX Benefits? Working with WEX has been a win-win., WEX and Mastercard have been partners for an incredibly long time and we've both grown together to fundamentally develop this industry., This feels like a partnership. (7) Purchase volume represents the total dollar value of all WEX-issued transactions that use WEX corporate card products and virtual card products. There are no changes to the business conducted in each segment. Today, you can download 7 Best Stocks for the Next 30 Days. Our experts picked 7 Zacks Rank #1 Strong Buy stocks with the best chance to skyrocket within the next 30-90 days. Please see Exhibit 1 for a reconciliation of cash flows from operating activities to this non-GAAP measure. For 2023, revenues are now expected between $2.45 billion and $2.49 billion compared with the previous expectation of $2.43-$2.47 billion. Setting AP department goals and measuring performance, Choosing an HDHP versus a PPO/traditional health plan, Inventory Information Approval System (IIAS). (in millions) The bottom line increased 14.9% year over year. WEX Engaged Employer Overview 750 Reviews 214 Jobs 1.3K Salaries 109 Interviews 315 Benefits 4 Photos 305 Diversity + Add a Review WEX Employee Reviews about "benefit" Updated Apr 24, 2023 Search Reviews Clear All Full-time, Part-time English Filter Found 157 of over 751 reviews Sort Popular Popular COVID-19 Related Highest Rating Lowest Rating It makes me feel I have a partner I can trust.. Great professional staff for the Flex benefits, Communication between Flex and Cobra team could use a little improvement. (form 10-Q), https://www.businesswire.com/news/home/20230425006008/en/. You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. . Total net revenue for the first quarter of 2023 increased 18% to $612.0 million from $517.5 million for the first quarter of 2022. These symbols will be available throughout the site during your session. The top line increased 18.3% year over year, mainly driven by the positive impact of fuel prices and spreads. The midpoint of the guided range is the same as the current Zacks Consensus Estimate of $2.47 billion. Get the latest Health Trends & Insights news in your inbox. Simplifying Benefits for Everyone | WEX Inc. The revenue increase in the quarter includes a $1.3 million favorable impact from fuel prices and spreads and a $4.3 million unfavorable impact from foreign exchange rates. Total revenues of $3.4 billion surpassed the consensus estimate by 2.3% and our estimate by 1.4%. Adjusted net income is now expected between $13.85 and $14.25 per share . OMCs earnings of $1.56 per share beat the Zacks Consensus Estimate by 13% and our estimate by 11.4%. WEX Health helps us accurately manage funding for FSAs and HSAs, and allows , WEX is our administrator of several employee benefits, including Health Savings Accounts, commuter benefit accounts, an COBRA. You may continue to use your account (s) for qualified expenses, and you will receive the same outstanding customer service you have come to expect from DBI, now WEX. Employers turn to us for their employee benefits, reimbursement account, and COBRA administration for a number of reasons including industry-leading technology, an intuitive and personalized participant experience, a multi-account debit card, access to ongoing benefits education resources, and empathetic customer service. We have created a powerful ecosystem that offers seamlessly embedded, personalized solutions for . After Feb. 26, go to wexinc.com, hover over Solutions and select Participants/Employees. Benefits revenues of $164.9 million registered 36% year-over-year growth. For employees the WEX Flex benefit phone app was one of the best I have seen for this industry. With other vendors, I feel like a client. If used elsewhere, you may need to upload supporting documentation (depending on your benefits plan). Keep tabs on all your benefit accounts by quickly checking your balances and details using our secure mobile app. Existing Users Username Forgot Username? WEX hiring Information Management Specialist Intern in United States WEXers approach every opportunity with ingenuity, curiosity, and tenacity. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service. PORTLAND, Maine, April 27, 2023--WEX (NYSE: WEX), the global commerce platform that simplifies the business of running a business, today reported financial results for the three months ended March . In conjunction with this announcement, WEX will host a conference call today, April 27, 2023, at 10:00 a.m. (ET). I think this could help us determine that the employee is correctly using the funds at the correct locations. The average salary for Wex International Inc employees is around $91,884 per year, or $44 per hour. Transit Benefit: Human Resources: Loyola University Chicago WEX shares have gained 4.2% in the past year against the 3.1% decline of theindustryit belongs to. For the full year 2023, the Company now expects revenue in the range of $2.45 billion to $2.49 billion, up from the prior guidance range of $2.43 billion to $2.47 billion.

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